EquityPandit’s Outlook for NIFTY Auto for the week (Dec 09, 2019 – Dec 13, 2019):

NIFTY AUTO:

NIFTY AUTO Index closed the week on negative note losing 279.40 Points 3.46%.

Weekly High: 8,087.35

Weekly Low: 7,781.05

Weekly Close: 7,806.60

Technically on the daily charts we see minor support on the downside for NIFTY AUTO index lies at 7650 levels, whereas minor resistance on the upside is capped around 8000-8050 levels.

If NIFTY AUTO index breaches minor support on the downside and closes below it, we may see fresh break down and index can drag towards major support on lower side around 7500 and if breaches minor resistance on the upside and closes above it, we may see fresh breakout and index can head towards higher levels around 8200.

Currently NIFTY AUTO index is trading below 200 days exponential moving average and suggests long term trend is bearish. EquityPandit’s analyst predicts range for the week is seen from 7500 on downside and 8100 on upside.

RESISTANCE 2: 8,197

RESISTANCE 1: 8,002

SUPPORT 1: 7,695

SUPPORT 2: 7,585